Kerry Finalized as Secretary of State Nominee

By: Friday December 21, 2012 9:15 am

Former Democratic Presidential candidate John Kerry will become the next nominee for Secretary of State, replacing Hillary Clinton and creating another Senate vacancy. President Obama will formally announce the nomination today at the White House, according to sources. He is not expected to face much resistance in the Senate for confirmation. Kerry will likely recuse [...]

Standard and Poor’s Report Strengthens Wall Street’s Hand in Fight Over Volcker Rule

By: Tuesday October 23, 2012 8:30 am

Standard and Poor’s estimates that the Volcker rule, due to be finalized at the end of the year, will eliminate $10 billion from bank profits annually. This is a sharp increase in the perception of the Volcker rule’s impact, and it comes before the extent of the rule is even known. “We currently estimate that [...]

Geithner Raked Over the Coals in House Committee About Libor

By: Wednesday July 25, 2012 9:35 am

Tim Geithner is testifying before the House Financial Services Committee on a number of issues today. It looked like he would skate by without questions on the Libor scandal until Scott Garrett, an unlikely source, tore into him: Garrett’s anger was different. Why? Because he was most upset that Geithner had four years, and meeting [...]

Bid to Freeze Defense Budget Has Bipartisan Support

By: Thursday July 19, 2012 10:14 am

The House passed a bill yesterday that would force the Office of Management and Budget to detail how they would deal with the sequestration cuts that would trigger on January 1 if Congress takes no further action. While it has the added benefit of forcing the President to detail specific cuts to the federal workforce, [...]

Elizabeth Warren: Dimon Should Resign From NY Fed Board

By: Sunday May 13, 2012 2:21 pm

In the wake of JPMorgan Chase’s $2 billion Fail Whale trade and the ensuing federal investigation into violations of disclosure laws, US Senate candidate Elizabeth Warren has called on JPM CEO Jamie Dimon to resign from his position on the board of the Federal Reserve Bank of New York. The announcement brings to light the [...]

Frank, Miller Try to Open Up Accountability for Fed, OCC

By: Thursday April 19, 2012 7:35 am

Barney Frank and Brad Miller tried to shake up a House Financial Services Committee hearing yesterday. As per usual, Republicans wanted to go after the CFPB’s funding and subject it to the appropriations process. As it stands, CFPB derives its funding from a portion of the funding of the Federal Reserve, which comes from sources [...]

Why It’s Not Enough to Blame Ed DeMarco for Administration Housing Policy

By: Monday March 12, 2012 1:11 pm

Over the past several weeks, Democratic lawmakers and allied groups have launched an all-out effort to get Ed DeMarco, the head of the FHFA, fired. They cite his resistance to allowing Fannie Mae and Freddie Mac to engage in principal reductions on their loans as the main reason. This culminated in Barney Frank, the ranking [...]

What’s in a Name: “JOBS Act” Set to Pass Today

By: Thursday March 8, 2012 10:21 am

The House of Representatives will pass something they’re calling a jobs bill today. They accomplish this by giving it a nice acronym: the Jumpstarting Our Business Startups, or JOBS, Act. Now, jump-starting should be a hyphenated word so it really should be the J-SOBS Act, but we’ll let that slide. The really egregious things about [...]

Knives Already Out for Waters After Frank Retirement

By: Tuesday November 29, 2011 8:56 am

I looked yesterday at what Barney Frank’s retirement would mean for the all-important House Financial Services Committee. The next in line to represent Democrats as the leader of that committee is Maxine Waters, and I thought there would be significant pushback to her attaining that leadership role. It turns out that I was right. There’s [...]

Barney Frank’s Retirement Leaves Jockey for Position on Financial Services Committee

By: Monday November 28, 2011 9:24 am

As you may know, Rep. Barney Frank plans to retire, which means by next year, both lead co-sponsors of Dodd-Frank will be out of Congress, having secured a legacy of sorts through attaching their names to that legislation. Frank, who has been in Congress since 1980, reportedly sought retirement after redistricting maps were completed. Frank’s [...]

Super Committee Looks to War Savings to Bail Them Out on Deficit Reduction

By: Tuesday November 15, 2011 11:02 am

When Harry Reid delivered a debt limit deal back in July that included $1 trillion in savings for drawing down wars in Iraq and Afghanistan, Republicans were dismissive. They called it a budget gimmick, a phantom “savings” that would have been achieved anyway. Then they got to the Super Committee and realized they didn’t really [...]

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